Rent limits would affect Kingstonian
KINGSTON, N.Y. » If the Kingstonian apartment complex were built today, a potential tenant in an affordable housing unit could snag a one-bedroom for $816 next year.
As of now, the project is the only one under consideration by the city that fits into Mayor Steve Noble’s recently issued executive order compelling private developers of more than five unit new apartment buildings to make 10 percent of them affordable.
The executive order is only good for 30 days but can be extended. As of now, the Kingstonian developers would need to provide 14 affordable units, which is part of the current plan.
Summer Smith, director of city communications and community engagement said monthly rents for a studio would be $668; twobedroom apartment, $1,034; three-bedroom, $1,348; and four-bedroom, $1,525.
The rents are based on formulas with the U.S. Department of Housing and Urban Development. They do not include payment for utilities.
Tenants would need to make under certain income levels to qualify for apartments at the Kingstonian or any other more-than-five-unit complex that gets built while the executive order is in place.
According to a press release from Noble, those income levels are a single person earning up to $46,900; family of two earning up to $53,600; family of three with an income of up to $60,300; and family of four earning up to $66,950; and family of five up to $72,350.
The executive order applies to housing proposed across Kingston with affordable defined as 80% of Area Mean Income (AMI), “based on current Ulster County statistics with adjustments for family size,” a press release says.
“The cost of the housing unit will be calculated as to not exceed 30% of a household’s income and will be updated by the City of Kingston on an annual basis,” the release says.
Rents at Energy Square complex, built by affordable housing provider RUPCO on Cedar Street, use the AMI formula. “We have 1 bedrooms at $736, $883 and a few at $1,030 to serve 50%, 60% and 80% AMI’s,” said Kevin O’Connor, chief executive of RUPCO. “We have 2 bedroom apartments with rents of $883, $1,060 and $1,237, again serving incomes at 50%, 60% and 80% AMI, again including all utilities.”
The five- story Energy Square, or E Square, comprises 44 one- bedroom units, six two- bedroom units, four three-bedroom units and two studio apartments. The cost of heat, hot water and electricity are included.
According to O’Connor, “In our affordable housing, rents are set at various amounts that are affordable – described as paying 30% of your income – to serve different incomes. Most of our housing is targeted to serve incomes of 50% and 60% of the Area Median Income.”
The Kingstonian will have 143 residential units, including 14 that are considered affordable; 9,000 square feet of commercial space; a 32-room boutique hotel, and a 420-slot parking garage with 277 slots available to the public.